Tuesday, August 11, 2009

Watch out, you may be holding a fake note.

It is well known that fake currency notes are in circulation in India. Terrorism is changing its face; It is prominently the starting of a new form of terrorism called 'economic terrorism'.. Our economy is hoped to reach the eight to nine per cent growth. But, what will happen to an economy, which is being flooded by fake currencies?

An estimate suggests that more than Rs 1,69,000 crores of fake currencies are in wide circulation in our country and out of which more than Rs 40 crores may be in Uttar Pradesh itself.

Recent acts of economic terror has been found in Abid, in Doomariaganj of UP where from a bank’s currency chest fake notes have been seized. Though quantum of currency note is officially seized is not more than Rs 5 lakh, the deadliest part of this seizure is its negative impact on India’s growing economy.

Apart from that the quality of papers, the quality of printing are of such a fine quality that it is not possible to differentiate between a genuine and a fake one. It also highlights the fact that advanced technology is being used to print such fake notes and the people who get a fake note by chance, do not know what to do with it.

If they take it to the bank, it cancels it and deposits it with the RBI, which means losing the money because if the bank starts compensating everyone who comes to them, then every Tom, Dick and Harry will approach bank with a fake note. There is no way banks can replace them and if people try to ‘use’ it in the market, it becomes a criminal offence.

And what if you take the fake note to the police? A police officer will simply lodge a daily diary report, specifying the note denomination and number.

Fake currency notes in circulation seem to have more than doubled when it comes to denominations of Rs 1,000 and Rs 500 in the past three years. The government has attributed the high quality of fake currency notes to being sourced from mints in neighbouring states.

While the police have made a major breakthrough in unearthing the various fake currency note operators' racket and recovering such fake notes, the Reserve Bank of India has also launched an elucidation drive as the number of fake notes received by the Reserve Bank of India (RBI), from various banks is increasing. The Reserve Bank of India has issued instructions to banks to ensure that counterfeit banknotes are not dispensed through ATMs, following complaints.
A good number of soiled and worn out notes received by the RBI are also found fake. The data revealed that the 100-rupee note is the most circulated when it comes to fake currency and the latest fake note circulated is 10 rupees note.

Watch videos on fake currency notes by clicking on the following links: